As one of just 30 award recipients this year, Wasatch Heritage Growth Fund demonstrated a consistent, highest-overall quantitative ranking of five-star in its category based on S&P Capital IQ’s proprietary, holdings-based research and rankings of over 19,000 funds for the 12 months ended August 31, 2011. S&P Capital IQ’s quantitative process is designed to provide a more holistic view of mutual funds. Rather than focusing on backward-looking performance, the methodology analyzes a broad range of inputs that include risk-reward profile, cost factors, manager tenure, and the quality of underlying holdings, in addition to performance.

In materials profiling finalists for the awards, S&P Capital IQ highlighted Wasatch Heritage Growth Fund’s total returns through August 2011 of 23.6% for one year and 5.8% for three years, while incurring below-average volatility. S&P Capital IQ also noted the fund’s below-average expense ratio (0.95%) and “relatively modest” turnover rate (36%), together with holdings judged above-average according to S&P Quality Rankings.

Average Annual Total Returns

For Periods Ended September 30, 2011

Quarter*

1 Year

3 Years

5 Years

Since Inception**

Heritage Growth Fund

-15.32%

2.01%

7.09%

1.82%

3.47%

Russell Midcap® Growth Index†

-19.33%

0.80%

5.89%

1.64%

4.72%

S&P 500 Index††

-13.87%

1.14%

1.23%

-1.18%

2.05%

*Returns less than one year are not annualized.

**Average annual total returns since the Heritage Growth Fund’s inception on 6/18/04.

The Wasatch Heritage Growth Fund’s primary investment objective is long-term growth of capital. Income is a secondary objective, but only when consistent with long-term growth of capital.

Data shows past performance, which is not indicative of future performance. Current performance may be lower or higher than the data quoted. To obtain the most recent month-end performance data available, please visit www.wasatchfunds.com. The Advisor may absorb certain Fund expenses, without which total return would have been lower. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Total Expense Ratio: 1.10%, Net 0.95%. The Advisor has contractually agreed to limit certain expenses to 0.95% through at least 1/31/2012. See the prospectus for additional information regarding Fund expenses.

Wasatch Funds will deduct a 2.00% redemption proceeds fee on Fund shares held 60 days or less. Performance data does not reflect the deduction of fees or taxes, which if reflected, would reduce the performance quoted. For more complete information including charges, risks and expenses, read the prospectus carefully.

Co-Portfolio Manager Ryan Snow said, “As growth managers in a volatile period, we work hard to identify high-quality companies. What we’re after are the World Best Growth Companies™ — and we believe that bottom-up discipline can help mitigate risk during times like these. We respect S&P Capital IQ’s comprehensive approach to fund rankings, and we feel honored to be recognized as a silver medalist.”

Wasatch Heritage Growth Fund has been co-managed by portfolio managers Ryan Snow and Chris Bowen since the Fund’s inception seven years ago. They look primarily for growing mid- and large-cap companies with market caps between $2.5 billion and $15 billion at the time of purchase, focusing on companies they consider to be high-quality, stable, and have the potential to grow steadily for long periods of time.

Stephen Biggar, Managing Director, Global Equity Research at S&P Capital IQ, commented on the awards in the context of current market conditions and concerns: “It has been a challenging period for both advisors and investors, with fund managers and their shareholders alike continuing to feel the impact of the financial crisis on both equity and fixed income portfolios. In spite of this, these managers have managed to distinguish themselves in spite of the difficult investing conditions. We are pleased to recognize these funds and fund families for their outstanding efforts.”

About Wasatch Advisors

Wasatch Advisors is the investment manager to Wasatch Funds®, a family of no-load mutual funds, as well as separately managed institutional and individual portfolios. Wasatch Advisors pursues a disciplined approach to investing, focused on bottom-up, fundamental analysis to develop a deep understanding of the investment potential of individual companies. The Portfolio Managers employ a uniquely collaborative process to leverage the knowledge and skill of the entire Wasatch Advisors research team in making investment decisions. Wasatch Advisors is an employee-owned investment adviser founded in 1975 and headquartered in Salt Lake City, Utah.

Investments in mid cap funds will be more volatile and loss of principal could be greater than investing in large cap funds. Equity investing involves risks, including potential loss of the principal amount invested.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, containing this and other information, visit www.wasatchfunds.comor call 800.551.1700. Please read the prospectus carefully before investing.

Wasatch Advisors defines the World’s Best Growth Companies (WBGCs) as companies that we believe possess an identifiable, sustainable competitive advantage, are well managed, undervalued and are producing above average earnings growth relative to their industry and country of origin.

Standard & Poor’s Equity Research Services is a separate unit of Standard & Poor’s Financial Services, LLC, which is a subsidiary of The McGraw-Hill Companies, Inc.

The S&P Capital IQ Mutual Fund Awards is an annual awards program managed by the equity research unit of S&P Capital IQ and is based on proprietary, quantitative research methodology. The awards recognize those U.S. mutual funds that have achieved the highest overall ranking on the most consistent basis during the measurement year August 31, 2010 through August 31, 2011, except for the New and Notable category. Among the factors the research process seeks to identify are consistently strong performance; high quality holdings as measured by S&P STARS equity research, S&P Credit Ratings and S&P Quality Rankings; and favorable cost factors. Additional information about the awards program, the selection methodology, and the award recipients is available at www.spfundawards.com .

Additional information about the awards program, the selection methodology, and the award recipients is available at www.spfundawards.com.